Explanation
Background: City Council passed Ordinance No. 3075-2017 on February 27, 2018, authorizing an Economic Development Agreement with Wagenbrenner Development for its project located at the northeast corner of Dublin Road and Trabue Road. In furtherance of that Economic Development Agreement, the attached Ordinance approves and authorizes a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, Marble Cliff Quarry Community Authority, and Wagenbrenner Development or its designee, to provide for the redevelopment.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the Tax Increment Financing and Cooperative Agreement, which is necessary to facilitate the timely completion of the above-described development.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to execute and deliver a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, the Marble Cliff Quarry Community Authority, and Wagenbrenner Development or its designee, to provide for the redevelopment of property located at the northeast corner of Dublin Road and Trabue Road; and to declare an emergency.
Body
WHEREAS, Wagenbrenner Development (the “Developer”) has proposed to redevelop property located at the northeast corner of Dublin Road and Trabue Road by constructing a mixed use commercial and residential development known as the Quarry Project (the “Project”) consisting of approximately 40,000 square feet of Class A office space, up to 600 apartment units with up to 440 single family homes and condominiums and up to 50,000 square feet of retail uses, together with green space and bikeways; and
WHEREAS, this Council passed Ordinance No. 3075-2017 on February 27, 2018, authorizing entering into an Economic Development Agreement with the Developer with respect to the Project; and
WHEREAS, pursuant to the Economic ...
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